Capitalism vs Socialism Quiz

Capitalism vs Socialism Quiz

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Imagem de perfil user: Isabela Foggiatto
Isabela Foggiatto

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1

An economic system based on the private ownership of the means of production and their operation for profit.

Collectivization
Communism
Socialism
Capitalism
2

The policy of consolidating individual land and labor into collective farms, especially in Soviet agriculture.

Profit Motive
Entrepreneurship
Scarcity
Collectivization
3

The ability of individuals to act in economic matters without undue restriction from government or other entities.

Economic Freedom
Welfare State
Inequality
Altruism
4

The activity or condition of striving to gain or win something by defeating or establishing superiority over others.

Profit Motive
Incentive
Surplus
Competition
5

A political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.

Altruism
Autarky
Communism
Socialism
6

The incentive to generate economic gain, which drives individuals and companies to improve their goods or services.

Monopoly
Entrepreneurship
Profit Motive
Laissez-faire
7

An economic system in which decisions regarding production and investment are embodied in a plan formulated by a central authority.

Autarky
Economic Freedom
Welfare State
Central Planning
8

The belief in or practice of disinterested and selfless concern for the well- being of others.

Scarcity
Profit Motive
Laissez-faire
Altruism
9

A theoretical economic system characterized by the collective ownership of property and by the organization of labor for the common advantage of all members.

Economic Freedom
Monopoly
Socialism
Communism
10

Something that motivates or encourages one to do something, often used in economic contexts to explain behavior.

Competition
Autarky
Incentive
Surplus
11

Disparity in distribution of income, wealth, and opportunity between different groups in society.

Welfare State
Competition
Inequality
Incentive
12

The quality of being self-sufficient, especially as an economic policy aimed at national self-reliance.

Incentive
Capitalism
Free Market
Autarky
13

An economic system based on supply and demand with little or no government control.

Monopoly
Economic Freedom
Laissez-faire
Free Market
14

The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.

Scarcity
Inequality
Communism
Competition
15

A system whereby the state undertakes to protect the health and well- being of its citizens, especially those in financial or social need.

Socialism
Private Property
Welfare State
Central Planning
16

The ownership of property by non-governmental legal entities.

Private Property
Surplus
Monopoly
Altruism
17

The excess of production or resources over what is required.

Welfare State
Surplus
Socialism
Incentive
18

An economic system in which transactions between private parties are free from government intervention.

Laissez-faire
Entrepreneurship
Scarcity
Collectivization
19

The activity of setting up a business or businesses, taking on financial risk in the hope of profit.

Entrepreneurship
Free Market
Capitalism
Monopoly
20

The exclusive possession or control of the supply or trade in a commodity or service.

Competition
Monopoly
Entrepreneurship
Private Property
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